Author: Ogochukwu Ndubuisi

Nigeria’s Non-Oil Export Hits $1.79bn in Q1, 2025 – NEPC The Nigerian Export Promotion Council (NEPC), says Nigeria’s non-oil export has risen to $1.791 billion in the first quarter of 2025. The Chief Executive Officer of the council, Nonye Ayeni, said this at a one-day sensitisation exercise organised by the Council for Sesame seed farmers, on Thursday in Dutse, Jigawa. The theme of the workshop is: “A Tactical Involvement for Enhancing the Production Capacity of Sesame Seed in Jigawa State.” Represented by Okany Chika Sylvia, Chief Trade Promotion Officer, NEPC, Ayeni said the export value represents 24.75 per cent increase…

Equities Investors Record N170bn Portfolio Value Gain on NGX LAGOS: The Nigerian Exchange (NGX) all-share index surged as equities investors gained more than N170 billion in the first trading after the independence holiday. The stock market maintained its bullish streak after the break to open trading activities for the final quarter of the year in the green. NGX positive performance was primarily driven by buying interest in selective large- and medium-scale stocks with good fundamentals. Market movers include PZ Cussons, ETERNA, GTCO, CADBURY and other stocks with upside potential across sectoral names. The stock market index inched higher by 0.19%,…

Robert Mugabe’s Son Arrested Over Illegal Drugs Possession Robert Mugabe Jr., the 33-year-old son of Zimbabwe’s late former President Robert Mugabe, was arrested in Harare on Wednesday after police allegedly found cannabis and cocaine in his possession. The arrest was carried out by the Criminal Investigation Department’s Drugs and Narcotics division following a tip-off, and Mugabe Jr. was detained during a routine stop in the affluent Borrowdale suburb. According to sources close to the investigation, officers recovered small packets of the suspected drugs from his vehicle, though the exact quantities will only be confirmed after forensic testing. Mugabe Jr. is…

U.S. Denies Iranian Delegation Entry to Attend World Cup Draw The U.S. denied Iranian delegation entry to attend the World Cup draw in the country, according to the spokesperson for the Iranian Football Federation (FFI), Amir-Mehdi Alawi. Among those affected were FFI president Mehdi Taj, head coach Amir Ghalenoei and seven other FFI officials, the spokesperson said, according to the daily newspaper Shargh. The FFI now wants to try to get FIFA president Gianni Infantino to reverse the decision. The spokesperson hopes that Infantino will lift the ban within the next two weeks. The World Cup draw will take place…

Fubara Commends Cabinet Members, Relieves Commissioners of Appointments Gov. Siminalayi Fubara, of Rivers, has expressed gratitude to members of his cabinet for their contributions to the state’s development in the past two years. Fubara made the commendation during a valedictory session for his cabinet and in an event to mark Nigeria’s 65th Independence anniversary at Government House in Port Harcourt. The governor emphasised the significance of Nigeria’s independence’s day, urging all Nigerians to work together with President Bola Tinubu to build a peaceful, secure and prosperous country. He reiterated his commitment to serving the state with renewed vigor and thanked…

Report: Musk Becomes lst Person Worth $500bn Elon Musk on Thursday became the first person estimated to reach a net worth of 500 billion dollars. This is according to U.S. magazine Forbes, largely held in shares of electric carmaker Tesla and aerospace firm SpaceX. Forbes calculated Musk’s wealth at roughly 150 billion dollars more than Oracle co-founder Larry Ellison. The magazine later revised the estimate slightly down to 499.1 billion dollars. Musk’s wealth is harder to estimate than that of other billionaires because many of his companies are not publicly traded. Musk surpassed the 400 billion dollars mark in December…

DMO Allots Nigerian Bonds to Investors at 16.20% Marginal Rate The Debt Management Office (DMO) allotted Federal Government of Nigeria (FGN) bonds worth N576.6 billion at the Sept primary market auction this week. The authority floated N200 billion in reopened local bonds for its monthly auction across 5-year and 7-year tenors. The auction attracted fixed-interest securities investors, with total subscriptions reaching N1.3 trillion. The 5-year reopened bonds with a total offer size of N100 billion recorded an aggregate subscription of N231.792 billion, according to the Debt Office auction result. With 22 bids reported as successful out of 66, the authority…

Crude Oil Prices Edge Higher over U.S Demand Outlook Prices of crude oil increased in the global commodity market on Wednesday as US crude inventories dropped, indicating a positive demand outlook. Also supporting the price is OPEC+ assurance that no major supply boost is planned, easing fears of a glut amid concerns over a potential US government shutdown. Brent crude was trading at $66.24 per barrel, up 0.36% from the previous close of $66.01. US benchmark West Texas Intermediate (WTI) increased by 0.33% to $62.45 from $62.24 in the prior session. A projected decline in US commercial crude oil stocks…

EU Companies Pay Russia Billions in Taxes on LNG Imports Russia is profiting significantly from liquefied natural gas (LNG) sales to companies in the European Union, according to a study by the environmental organisation Greenpeace published on Tuesday. Oil and coal imports from Russia were virtually banned under EU sanctions over Moscow’s full-scale invasion of Ukraine and pipeline gas imports. These fell sharply after the destruction of the Nord Stream pipelines in September 2022. LNG imports were, however, so far, exempt from sanctions. Greenpeace estimates that Yamal LNG, Russia’s main exporter of LNG, earned a total of 40 billion dollars…

Fitch Affirms Morocco at ‘BB+ with Stable Outlook Fitch Ratings has affirmed Morocco’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB+’ with a Stable Outlook. The rating note stated that Morocco’s ‘BB+’ ratings reflect sound macroeconomic policies, strong official creditor support, favourable debt profile and comfortable international liquidity buffers. It also noted that these strengths are balanced by lower development and governance indicators compared with peers, high government debt and the economy’s exposure to adverse weather conditions. Moody’s analysts said the country’s fiscal reforms support tax revenue. “We anticipate the central government (CG) fiscal deficit will stabilise at 3.8% of…